Friday 29 Mar 2024
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KUALA LUMPUR (Feb 4): The FBM KLCI opened higher this morning in line with the rebound at most regional markets, lifted by select blue chips.

At 9am, the FBM KLCI rose 6.29 points to 1,639.59.

The early gainers included Bursa Malaysia Bhd, Sime Darby Bhd, Petronas Gas Bhd, MMC Corporation Bhd, Genting Bhd, RHB Capital Bhd, Public Bank Bhd, SapuraKencana Petroleum Bhd and Shell Refining Company (Federation of Malaya) Bhd.

Asian shares rebounded on Thursday as speculation the U.S. Federal Reserve might opt to not raise interest rates at all this year hammered the dollar and sparked a huge rally in oil prices, according to Reuters.

By some measures the U.S. currency suffered its largest one-day percentage drop outside of the crises of 1998 and 2008, symptomatic of just how crowded bullish positions had been, it said.

JF Apex Securities Research in a market preview today said US stocks climbed overnight as oil prices surged 8%.

In contrast, it said European markets declined sharply following selldown in banking stocks.

“On the local stock market, the benchmark FBM KLCI plunged 19.88 points to 1633.30 points.

“Following the positive performance in Wall Street led by higher oil price, the FBM KLCI could stage a rebound towards the resistance of 1645 points,” it said.

 

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